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lyudmila [28]
3 years ago
13

The following transactions occur for Badger Biking Company during the month of June: a. Provide services to customers on account

for $34,000. b. Receive cash of $26,000 from customers in (a) above. c. Purchase bike equipment by signing a note with the bank for $19,000. d. Pay utilities of $3,400 for the current month. Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. (Decreases to account classifications should be entered as a negative.)
Business
1 answer:
a_sh-v [17]3 years ago
7 0

Answer:

See below

Explanation:

Assets =

Liabilities + Stockholder's equity

Accounts receivables $34,000(+)

Revenue $34,000(+)

Cash $26,000(+)

Accounts receivables $26,000(-)

Bike equipment $19,000(+) Notes payable $19,000(+)

Cash $3,400(-)

Retained earnings $3,400(-)

The first transaction increases asset(account receivable) by $34,000 while revenue(stockholder's equity) increased by the same amount

The cash receipt of $26,000 increases assets cash by $26,000 and decreases an asset , account receivable by the same amount

The purchase of an asset by note payable increases asset, bike equipment by $19,000 while liabilities note payable also increases by $19,000

The payment of utilities for $3,400 decreases asset cash by $3,400 while stockholder's equity retained earnings decreases by same amount.

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If $1,000 is deposited in a certain bank account and remains in the account along with any accumulated interest, the dollar amou
Naddika [18.5K]

Answer:

The rate is greater than 8%

Explanation:

Given

\small I = 1,000 \left (\left (1+\frac{r}{100} \right )^{n}-1 \right )

<em>Missing part of question</em>

I =210

n =2

Required

Is r > 1

We have:

\small I = 1,000 \left (\left (1+\frac{r}{100} \right )^{n}-1 \right )

Substitute values for r and I

210 = 1,000 \left (\left (1+\frac{r}{100} \right )^{2}-1 \right )

Divide both sides by 1000

0.210 = \left (\left (1+\frac{r}{100} \right )^{2}-1 \right )

Add 1 to both sides

1.210 = (1+\frac{r}{100} \right ))^{2}

Take square roots of both sides

\sqrt{1.210} = 1+\frac{r}{100}

1.1 = 1+\frac{r}{100}

Subtract 1 from both sides

0.1 = \frac{r}{100}

Multiply both sides by 100

r = 10

10 > 8

<em></em>

<em>Hence, the rate is greater than 8%</em>

7 0
3 years ago
The beginning capital balance shown on a statement of owner's equity is $80,000. Net income for the period is $35,000. The owner
jonny [76]

Answer:

Correct option is (B)

Explanation:

Given:

Beginning capital = $80,000

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Net income is added to opening capital and deduct drawings to arrive at capital balance at the end.

Capital at the end of the year = opening capital + net income - drawings

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                                                 = $97,000

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